NATIONAL DEBTS.

New Zealand Mail, Issue 16, 13 May 1871, Page 7

NATIONAL DEBTS.

In a letter to the “ Times,” Mr R. Dudley Baxter says:—Out of the 62 States and principal colonies of the civilised world, only three of the smallest appear to be free from debt—Servia, in Europe; Bolivia, in America; and Liberia, in Africa. The whole 52 States have a population of 606,000,000; Government revenues or taxation amounting to £596,000,000, being nearly £1 per head ; and National Debts with an aggregate capital of £3,900,000,000, and a total annual interest of £157,000,000. So that the annual charge of the debts of the civilised world, even including British India and Japan, is 5s 2d per head of the 600 millions of population, and absorbs a quarter of the whole proceeds of taxation. The rise and progress of these debts is very singular, and the figures of the capital may thus be summarised. At the breaking out of the French revolutionary war the debts were, in 1793: Great Britain £270,000,003 Continent of Europe ... 203,000,000 United States 15,000,000 British India 8,000,003 Total £496,000,000 At the conclusion of that war, and on the settlement of accounts, the debts were, in 1815-29 : United Kingdom ... ...£902,000,000 Continent of Europe ... 570,000,000 America ... 29,000,000 British India ... ... 29,000.000 Total ... £1,530,000,000 So that in 20 years the debts had trebled,and England owed £228,000,000 more than all the rest of the world. The period from 1820 to 1848 was one of peace, and the debts were not largely increased, standing thus in 1848 : United Kingdom ... ... £820,000,000 Continent of Europe ... 746,000,000 America 114,000,000 British India 50,000,000 Total 1,731,000,000 But the debt of England was reduced to less than half the total aggregate. After 1848 a new era began, of immense armaments and a corresponding increase of debts, so that at the downfall of the French Empire the account stood, in 1870: United Kingdom ... £800,000,000 Continent of Europe ... 2,165,430,000 America ... ... ... 765,320,000 Asia 104,716,000 Africa 39,655,000 Australasia 35,744,000 Total ... 3,845,000,000 So that England sinks (if such an event can be called sinking) to one-fifth instead of one-half of the proposed total. In a few more years she will further sink to the second place in separate amount of indebtedness, and the first place be taken by France.